Sierra Total Return Fund Announces Q1 2018 Distribution

February 22, 2018 12:05 PM Eastern Daylight Time

NEW YORK--(EON: Enhanced Online News)--Sierra Total Return Fund (“Sierra” or the “Fund”) today announced that
its Board of Trustees declared a first quarter distribution of $0.3275
per share on February 21, 2018. Stockholders of record as of February
23, 2018 will be entitled to receive the distribution which will be paid
on March 23, 2018.

About Sierra Total Return Fund

Sierra is a Delaware statutory trust registered under the Investment Act
of 1940 as a continuously offered, non-diversified, closed-end
investment management company that operates as an interval fund.
Sierra’s investment objective is to seek total return through a
combination of current income and long-term capital appreciation by
investing in a portfolio of debt securities and equities. Sierra is
externally managed by STRF Advisors LLC, which is an investment adviser
registered under the Investment Advisers Act of 1940, as amended. For
additional information, please visit Sierra Total Return Fund’s website
at www.sierratotalreturnfund.com.

About STRF Advisors LLC

STRF Advisors LLC is an affiliate of Medley Management Inc. (NYSE: MDLY,
“Medley”). Medley is an alternative asset management firm offering yield
solutions to retail and institutional investors. Medley’s national
direct origination franchise, with over 85 people, is a premier provider
of capital to the middle market in the U.S. As of September 30, 2017,
Medley has over $5 billion of assets under management in two business
development companies, Medley Capital Corporation (NYSE:MCC) and Sierra
Income Corporation, a credit interval fund, Sierra Total Return Fund
(NASDAQ:SRNTX) and several private investment vehicles. Over the past 15
years, Medley has provided capital to over 400 companies across 35
industries in North America1.

Medley LLC, the operating company of Medley Management Inc., has
outstanding bonds which trade on the New York Stock Exchange under the
symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation is
dual-listed on the New York Stock Exchange (NYSE:MCC) and the Tel Aviv
Stock Exchange (TASE: MCC) and has outstanding bonds which trade on both
the New York Stock Exchange under the symbols (NYSE:MCV), (NYSE:MCX) and
the Tel Aviv Stock Exchange under the symbol (TASE: MCC.B1).

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict," "project,"
"should," "will" and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors that
may cause the actual results to differ materially from those anticipated
at the time the forward-looking statements are made. Although Sierra
believes the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be
material. Sierra undertakes no obligation to update any forward-looking
statement contained herein to conform the statement to actual results or
changes in Sierra’s expectations.

This is not an offer or a solicitation of an offer to buy any
securities of Sierra Total Return Fund. Such an offer can be made only
by means of a prospectus. A copy of the prospectus can be obtained by
visiting www.sierratotalreturnfund.com. This
is a speculative security and as such, involves a high degree of risk.

1 Medley Management Inc. is the parent company of Medley LLC
and several registered investment advisors (collectively, ”Medley”).
Assets under management refers to assets of our funds, which represents
the sum of the net asset value of such funds, the drawn and undrawn debt
(at the fund level, including amounts subject to restrictions) and
uncalled committed capital (including commitments to funds that have yet
to commence their investment periods). Assets under management are as of
September 30, 2017.